Rehab as halfway house
That leaves the majority of other real estate investors or rehabbers that seem to miss the mark on quality because they don’t know any better or they just simply don’t care. Some of the workmanship, or should I say lack thereof, can be summed up in one word…halfway. I think somewhere along the way, many investors and flippers developed a mindset that the bottom line and timeline were the most important considerations in a rehab.
This is causing quality and workmanship to be left behind. The real estate market today has completely changed from that of 2003-2006 when you could sell just about anything in a condition quickly. Homebuyers now are pickier than ever. The location has to be perfect, the property must have a desirable layout, above-average features and amenities must be present, the price must be right, and above all buyers are demanding top quality workmanship. Today, homebuyers want that move-in ready, model home look, which is one reason home staging is so successful.
Take a step back and take another look at your flip through the eyes of a homebuyer. How is the overall quality such as cabinetry, fit and finish, trim and casework, design choices, paint, plumbing fixtures, lighting fixtures, flooring choices, doors and windows, drywall, mechanical systems, appliances, matching finishes on locksets, house exterior, landscaping, etc.?
Is your rehab a halfway house? If you answered yes, don’t despair. It’s a problem that can be corrected by changing your mindset and implementing a new real estate investing strategy. One key strategy is having a system of evaluating and performing a detailed assessment of a potential investment property.
Upon completion of the evaluation a design plan, detailed bill of materials, project schedule, and a project budget are prepared. By utilizing this strategy, you will know your profit before you even purchase the property; therefore, you will never have to compromise on quality to meet the bottom line.
If you will commit to performing only high-quality workmanship, using good quality materials, and making smart design decisions you will never again settle with a halfway house. By using these strategies, as well as home staging, you will make higher profits and sell your properties faster.
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